If you take semi-retirement
Instead of taking full retirement you can opt to take semi-retirement and have a part of your pension commence earlier. This does mean however that the part of your Retirement Pension that commences earlier will be less.
Taking semi-retirement therefore does have financial consequences. Pension accrual stops gradually and your Retirement Pension will be less. You still accrue pension during the hours that you continue to work.
Semi-retirement can only be brought forward to an age that lies five years prior to reaching the applicable state pension age insofar as the employee’s earnings from employment are reduced by the same extent.
Would you like more information and/or wish to know exactly what our pension scheme offers you? See the pension scheme or the brochure ‘Pension Scheme for participants who commenced employment after 31-12-2005’.